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Cryptocurrencies Remain Volatile As Concerns Over COVID-19 Variant Persist

Prices for cryptocurrencies continue to be volatile as global concerns over the newest COVID-19 variant, Omicron, intensify.

After rallying above $58,000 U.S. yesterday (November 29), the price of Bitcoin is down more than 1% in premarket trading at $57,400. Bitcoin’s price had been above $65,000 per coin as recently as November 10.

Meanwhile, the prices of other cryptocurrencies are continuing to rally despite worries over the Omicron variant, with the price of Ethereum up more than 3% at $4,5564.56 per digital token.

Other cryptocurrencies such as XRP, Litecoin and Bitcoin Cash are also higher in premarket trading today.

Cryptocurrency prices crashed hard last Friday (November 26) along with global stock markets and oil prices when the Omicron variant was first discovered and reported on. However, cryptos bounced back strongly yesterday along with the broader market.

Comments by biotech company Moderna’s chief executive officer that an entirely new vaccine might be needed against the Omicron variant has global stock markets sharply lower today, although most cryptocurrencies, with the exception of Bitcoin, seem to be bucking that trend.